$BTC Whales are slowly withdrawing capital

Over the past 12 months, whales (including long-term holders, miners, 2011 wallets…) have sold over 500,000 BTC (~$50 billion at current prices)

Notably, two wallets that have been “dormant” for 14 years since 2011 transferred a total of 20,000 BTC (~$2 billion) on July 4, 2025, but there are no signs of profit-taking – only internal transfers

The trend of decreasing ownership from large whales combined with strong buying from other sides is creating a “power shift” in the Bitcoin market

Institutional platforms are taking over strongly

Institutions, ETFs, funds and corporate treasuries have absorbed ~900,000 BTC in the same period, far exceeding the amount sold by whales

ETFs such as IBIT (BlackRock) and Fidelity’s FBTC hold ~694,000 BTC and ~199,000 BTC

MicroStrategy (renamed Strategy) continues to buy ~4,980 BTC (~$532 million), bringing its total holdings to ~597,000 BTC (~$64 billion)

Along with businesses like Trump Media, building billion-dollar internal Bitcoin treasuries